Budget 2016: Businesses gain extra time in accelerated CT payments
The acceleration of corporate tax payments deferred until 2017
The acceleration of corporate tax payments deferred until 2017
THE GOVERNMENT has deferred the point at which corporate tax payments will be accelerated in today’s Budget.
It had previously been announced that the government was accelerating payments of corporation tax from businesses than generate more than £20m in profits per year. This measure was expected to be introduced in 2017.
However in the latest budget Osborne announced a deferral on implementation to accounting periods starting on or after 1 April 2019, with the government stating that it “will have a broadly neutral impact on the public finances over the scorecard period”.
Kevin Hindley, managing director at Alvarez & Marsal Taxand UK, commented: “This is a welcome measure that will benefit many of our multinational clients.”
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleThe SME community voices concern about the chancellor's measures in the Spring Budget Read More...
View articleFollowing chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals Read More...
View articleUnincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory Read More...
View articleWelcome to our live blog for Spring Budget 2017. Follow our Budget coverage throughout the day, including expert analysis and opinion on the key issue...
View articleAs chancellor Philip Hammond prepares to deliver the final Spring Budget, we take a look at the key topics that could be on the agenda for 8 March Rea...
View article22% of businesses consider a reduction in income tax the top priority for the Spring Budget, with reductions in inheritance tax and business rates fol...
View articleAs the chancellor gets ready for his first and last Spring Budget, David Brookes of BDO looks at the key issues that could and should be addressed on ...
View article